A huge share of the United States economic growth over the past 30 years has gone to the top one-hundredth of one percent living there, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244. This societal paradigm infects all other nations and is destroying human rights and democracy. The ultra-rich are displacing rights, affluence and future opportunities of everyone else, inside the US and outside the US. With the absurd amounts of m,oney these entitlement dinosaurs we must conclude that most of politicians have been bought and co-opted.
Note: The 2007 data (the most current) doesn’t reflect the impact of the housing market crash. In 2007, the bottom 60% of Americans had 65% of their net worth tied up in their homes. The top 1%, in contrast, had just 10%. The housing crisis has no doubt further swelled the share of total net worth held by the superrich. So this above data is old, and the current situation is far worse.
A Harvard business prof and a behavioral economist recently asked more than 5,000 Americans how they thought wealth is distributed in the United States. Most thought that it’s more balanced than it actually is. Asked to choose their ideal distribution of wealth, 92% picked one that was even more equitable.
Why Washington is closer to Wall Street than Main Street.
US Politician Money
Rep. Darrell Issa (R-Calif.) $451.1 million
Rep. Jane Harman (D-Calif.) $435.4 million
Rep. Vern Buchanan (R-Fla.) $366.2 million
Sen. John Kerry (D-Mass.) $294.9 million
Rep. Jared Polis (D-Colo.) $285.1 million
Sen. Mark Warner (D-Va.) $283.1 million
Sen. Herb Kohl (D-Wisc.) $231.2 million
Rep. Michael McCaul (R-Texas) $201.5 million
Sen. Jay Rockefeller (D-W.Va.) $136.2 million
Sen. Dianne Feinstein (D-Calif.) $108.1 million
Congressional data from 2009. Family net worth data from 2007. Sources: Center for Responsive Politics; US Census; Edward Wolff, Bard College.